UPDATE: Baker Hughes Shares Reverse Course, Rise 3% on Guidance
Shares of Baker Hughes ( BHI ) are now up 3.3% at $41.98, after trading as low as $39.65 earlier in the session, after the company projected North
America revenue and profit margins to be lower than previous expectations due
to weaker than anticipated onshore activity and further price erosion within
Pressure Pumping operations.
It now sees North America operating profit before tax margin to be between 8.5% and 9.5% for Q4, as compared to 11.7% in Q3 of 2012.
The company also expects international operating profit before tax margin to
be similar to the 12% reported in Q3 of 2012, excluding the impact of bad
debts recognized in Latin America and Europe.
Shares have a 52-week range of $37.08 - $52.96.